December 5, 2019
Essex Realty Group is marketing for sale the historic Waterman Building at 127 S. State St. along the State Street retail corridor in the Loop. The turn-of-the-century manufacturing/office building, being presented as a redevelopment opportunity, is adjacent to the Palmer House hotel.
The upper floors of the 31,519-square-foot, seven-story property have been vacant since 1967, according to an offering memorandum from Essex Realty, Sonder, a boutique hospitality company offering short-term rentals, has signed on to lease floors 2 through 7.
The property’s 2,560 square feet of ground-floor retail space formerly housed the Beef and Brandy restaurant, while a 1,360-square-foot basement space was occupied by a bar.
Current ownership is seeking $4.95 million for the property. It was built in 1919 to house office and manufacturing space for the L.E. Waterman Company, producers of the Waterman fountain pen.
Pictured: The Waterman Building (center, with red awning). Photo courtesy of Essex Realty.
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